• Text size      
  • Send this article to a friend
  • Print this article

Fife firm plans to double turnover after Scotrail win

A FIFE company plans to double its annual turnover from £3.6 million to more than £7m after winning contract work to provide electrical and maintenance services at ScotRail train stations.

Northsouth Communication, founded in 2010 by managing director and co-owner George Smith, said it would hire another 25 members of staff to cope with the increase in demand for services.

Its expansion is being supported by a six-figure, asset-based, lending facility from Lloyds Banking Group.

Lloyds noted that Northsouth had been contracted to provide services at all ScotRail train stations and depots.

During the past five months, Northsouth Communication has recruited 50 new members of staff. This has taken its workforce to 117.

The additional 25 staff members which Northsouth Communication now plans to recruit will be taken on over the next few months.

Northsouth Communication provides maintenance services for closed-circuit television at 130 stations. It maintains customer information screens at 349 stations. It also provides maintenance services for ticket-vending machines on 101 platforms.

Martin Fernie, a senior manager at Northsouth Communication, said: "It is important to me that the firm re-invests skills into the community, encouraging the next generation of railway workers.

"Through asset-based lending, we still have the freedom to take on new staff and projects, without affecting the company's cash flow. We are firm believers of creating full-time employment opportunities."

He added: "We were introduced to Lloyds Bank through our accountant and have since gone on to secure a six-figure asset based lending limit. This gives us room to manoeuvre when gaining new contracts or waiting for old projects to be paid. We estimate that we will increase turnover by over £3 million this year to £7 million."

Paul Dinnell, client manager at Lloyds Bank Commercial Finance, said: "An asset-based lending facility is often used to improve a company's working capital and cash flow. In this case, it is helping to support the growth ambitions and projects of Northsouth Communication as well as an increase in staff numbers needed to deliver new contracts."

The expanding Northsouth Communication has moved to new head office premises in Lochgelly.

The new, larger premises will mean that Northsouth Communication can provide in-house training courses for its employees and apprentices.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

213530